[Code of Federal Regulations]

[Title 34, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 34CFR668.42]



[Page 450]

 

                           TITLE 34--EDUCATION

 

 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION

 

PART 668_STUDENT ASSISTANCE GENERAL PROVISIONS--Table of Contents

 

    Subpart D_Institutional and Financial Assistance Information for 

                                Students

 

Sec. 668.42  Financial assistance information.



    (a)(1) Information on financial assistance that the institution must 

publish and make readily available to current and prospective student's 

under this subpart includes, but is not limited to, a description of all 

the Federal, State, local, private and institutional student financial 

assistance programs available to students who enroll at that 

institution.

    (2) These programs include both need-based and non-need-based 

programs.

    (3) The institution may describe its own financial assistance 

programs by listing them in general categories.

    (b) For each program referred to in paragraph (a) of this section, 

the information provided by the institution must describe--

    (1) The procedures and forms by which students apply for assistance;

    (2) The student eligibility requirements;

    (3) The criteria for selecting recipients from the group of eligible 

applicants; and

    (4) The criteria for determining the amount of a student's award.

    (c) The institution shall describe the rights and responsibilities 

of students receiving financial assistance and, specifically, assistance 

under the title IV, HEA programs. This description must include specific 

information regarding--

    (1) Criteria for continued student eligibility under each program;

    (2)(i) Standards which the student must maintain in order to be 

considered to be making satisfactory progress in his or her course of 

study for the purpose of receiving financial assistance; and

    (ii) Criteria by which the student who has failed to maintain 

satisfactory progress may re-establish his or her eligibility for 

financial assistance;

    (3) The method by which financial assistance disbursements will be 

made to the students and the frequency of those disbursements;

    (4) The terms of any loan received by a student as part of the 

student's financial assistance package, a sample loan repayment schedule 

for sample loans and the necessity for repaying loans;

    (5) The general conditions and terms applicable to any employment 

provided to a student as part of the student's financial assistance 

package;

    (6) The institution shall provide and collect exit counseling 

information as required by 34 CFR 674.42 for borrowers under the Federal 

Perkins Loan Program, by 34 CFR 685.304 for borrowers under the William 

D. Ford Federal Direct Student Loan Program, and by 34 CFR 682.604 for 

borrowers under the Federal Stafford Loan Program; and

    (7) The terms and conditions under which students receiving Federal 

Family Education Loan or William D. Ford Federal Direct Loan assistance 

may obtain deferral of the repayment of the principal and interest of 

the loan for--

    (i) Service under the Peace Corps Act (22 U.S.C. 2501);

    (ii) Service under the Domestic Volunteer Service Act of 1973 (42 

U.S.C. 4951); or

    (iii) Comparable service as a volunteer for a tax-exempt 

organization of demonstrated effectiveness in the field of community 

service.



(Approved by the Office of Management and Budget under control number 

1845-0022)



(Authority: 20 U.S.C. 1092)



[51 FR 43323, Dec. 1, 1986. Redesignated and amended at 64 FR 59067, 

Nov. 1, 1999]



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